Answer the question on the basis of the following demand and cost data for a specific firm. Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will
A)decrease by $15.
B)decrease by $150.
C)decrease by $45.
D)decrease to zero.

Question

Answer the question on the basis of the following demand and cost data for a specific firm.  Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will
A)decrease by $15. 
B)decrease by $150. 
C)decrease by $45. 
D)decrease to zero.

Quizplus · Accepted Answer

The Answer of Answer the question on the basis of the following demand and cost data for a specific firm.  Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will
A)decrease by $15. 
B)decrease by $150. 
C)decrease by $45. 
D)decrease to zero.

Answer the Question on the Basis of the Following Demand